Hoosier-Daddy
New Member
- Jurisdiction
- Arizona
Hi, my father recently passed away and I am named executor and trustee for his revocable living trust. The trust is decades old and has numerous issues including many deceased beneficiaries, etc.
The trust actually names me and a bank as co-trustees and specifies the bank can charge the estate their current fee structure which includes approx. 3% of the value of the estate PLUS actual costs to liquidate anything but bank and brokerage accounts. But there are millions of dollars of real estate, classic car collection, etc in the estate and the beneficiaries obviously don't want (and I'm sure my father did not envision) the bank getting 3% of those on top of the costs for liquidating them. Naturally I'm going to engage an attorney but am interested in what experiences others have had. I realize this may be far too little info for any kind of response and apologize if that's the case.
The trust actually names me and a bank as co-trustees and specifies the bank can charge the estate their current fee structure which includes approx. 3% of the value of the estate PLUS actual costs to liquidate anything but bank and brokerage accounts. But there are millions of dollars of real estate, classic car collection, etc in the estate and the beneficiaries obviously don't want (and I'm sure my father did not envision) the bank getting 3% of those on top of the costs for liquidating them. Naturally I'm going to engage an attorney but am interested in what experiences others have had. I realize this may be far too little info for any kind of response and apologize if that's the case.